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Term Definition Legal instruments

senior insurance management function

02/05/2017

means

(1) (for a UK Solvency II firm, the Society, a managing agent, a third country branch undertaking (other than a Swiss general insurer) and a UK ISPV) that aspect of any key function relating to the carrying on of a regulated activity by the firm, which is specified by the PRA in Insurance – Senior Insurance Management Functions 3 to 10 pursuant to section 59 of FSMA.

(2) (for a small non-directive insurer) any function which is specified by the PRA in Non-Solvency II Firms – Senior Insurance Management Functions 3 to 5 pursuant to section 59 of FSMA.

(3) (for a large non-directive insurer and a Swiss general insurer) any function which is specified by the PRA in Large Non-Solvency II Firms – Senior Insurance Management Functions 3 to 8 pursuant to section 59 of FSMA.